The adjusted trial balance for Cortez Company at December 31, 2024 is presented below. Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Debit $ 15,000 Credit 160,000 9,000 25,000 330,000 $ 130,000 15,000 3,500 2,000 36,000 250,000 69,900 21,000 310,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is